1e64312e3a57d017987aecc997fff960.ppt
- Количество слайдов: 12
Report on the work of the FBAR/FATCA TASK FORCE Advocating in support of a Safe Harbor from FATCA reporting for Americans who live abroad FBAR/FATCA Task Force webpage on the Democrats Abroad website https: //www. democratsabroad. org/group/fbarfatca Or click on “Democrats Abroad on FATCA Position and Reports” box from the homepage
Overview: status of our work • Following up the Door Knock meetings, especially advice from Treasury • Generating Congressional support for the FATCA Safe Harbor • Working in collaboration with other organisations of Americans abroad • Liaising with pro-FATCA NGOs; the National Taxpayer Advocate panel; SACC; US Ambassador to OECD
Recap of Door Knock • Treasury indicates the Safe Harbor can be put in place through a change to the FATCA implementation rules and does not require an act of Congress • Treasury requires further convincing that banks are “locking out” Americans because of FATCA and that the Safe Harbor will end the “lock outs” • Friends in Congress indicate they would support the Safe Harbor on the basis that FATCA was never intended to burden ordinary, law-abiding Americans abroad. • 8 in Congress agree to “champion” the Safe Harbor reform with Congressional colleagues
Responding to Treasury, part I • Treasury has doubts that financial account closures are the result of FATCA • We have collected bank correspondence and bank policy statements that demonstrate the connection • ACA and AARO are also collecting documents • DA, ACA and AARO will make parallel submissions to Treasury disclosing the results of our research • We have preliminary “Lock out” Research results but may extend the period for collecting documents
Interim Findings on “Lockouts” • Received more than a hundred submissions received • Most submissions were anecdotal; no docs provided • Many were received from Americans in Mexico about banks ceasing American check cashing services • Many were about US investment account closures, which is related to SEC regulations rather than FATCA • We received at least 6 bank documents that genuinely connect bank lockouts to FATCA • We will extend the collection period for bank documents that demonstrate a link between FATCA and financial account closure.
Responding to Treasury, part II • Generating feedback from foreign financial institutions about the Safe Harbor • Conducting interviews with bank compliance, risk and other officers • Preparing a “guide” for interviewers to use so that the data collected is uniform and the responses recorded are in some way standardised, to facilitate the establishment of useful findings. • Guide expected soon.
Generating Congressional Support • Legislative aides to Americans Abroad Caucus Co. Chair Congresswoman Maloney are editing our “sign on” letter; also being reviewed by key Senate Finance Committee minority staff tax lawyer. • To be further endorsed by Americans Abroad Caucus Co-Chair Mick Mulvaney (R-SC) • Safe Harbor champions expected to help us gather support, signatures for the letter. • Americans Abroad and Women’s Caucus are obvious early targets.
Safe Harbor Champions House of Representatives • Rep Carolyn Maloney • Rep Mike Honda • Rep Sam Johnson • Rep Chellie Pingree • Rep Dina Titus Senate • Sen Kirsten Gillibrand • Sen Jeff Merkley • Sen Barbara Mikulski • Sen Chris Murphy We need support across both houses and both parties to keep pressure on Treasury and the IRS for urgent reform.
Tax Reform Working Groups • The Senate Finance Committee invited submissions about ideas for tax reform. Five “working groups” were formed to deal with recommendations in specific areas. • Many Americans overseas made individual submissions. • Democrats Abroad made a submission to the International Tax and Individual Income Tax working groups. • The process is expected to culminate in a report published in October. • It is difficult to imagine the ideas in the report being acted upon before there is a new president in the White House. (Personal opinion of CP)
Other • The National Taxpayer Advocate has announced her support for the Safe Harbor reform. A great and valuable endorsement! • We met with anti-tax avoidance NGOs to outline our position and expect them to endorse the Safe Harbor. • We are engaging with the new overseas representative to the NTp. Advocate’s panel; member living abroad now. • We use social media to profile our position and closely monitor the platforms of other FATCA advocacy groups.
Other, cont. • We have discussed FATCA with the US Ambassador to the OECD - who has experienced (likely FATCA– related) difficulties opening financial accounts in Paris where he lives. The OECD has established the “global FATCA” (Common Reporting Standards or CRS)*. • We correspond with chambers of commerce, though they support of FATCA repeal than reform. * At least 90 nations will begin exchanging financial account and tax filing information of foreign nationals with their home countries in 2016, with more nations to join.
Thank you • The members of the FBAR/FATCA Task Force are grateful for the support of the Executive Committee and Country Committee Leaders. We urge you to share our monthly updates with your members and send them to FATCA@democratsabroad. org if they want to engage with us. • Please continue to push out our request for bank documents connecting the lockouts to FATCA. • Task Force: Jim Black (USA), Dee Gierow (Sweden), Joe Green (Canada), Stanley Grossman (UK), Maureen Harwood (Canada), Carmelan Polce (Singapore) and Joe Smallhoover (France).
1e64312e3a57d017987aecc997fff960.ppt